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Aryzta AG

Investor Presentation • Sep 23, 2012

818_ip_2012-09-23_ec73dbd4-a61d-4c16-a0b4-120eb5095b00.pdf

Investor Presentation

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A R Y Z T
A		 A G
F Y 2 0
1		 2 R e s
u		 l t s
2 4
S
e		 t
p
e		 b
m		 2
e
r		 0
1
2

Forward Looking Statement

This document contains forward looking statements which reflect management's current views and estimates.

The forward looking statements involve certain risks and uncertainties that could cause actual results to differ materially from those contained in the forward looking statements. Potential risks and uncertainties include such factors as general economic conditions, foreign exchange fluctuations, competitive product and pricing pressures and regulatory developments.

Origin Enterprises plc – 68.8% Holding

2
0
1
2
(
)
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1
8
  • ARYZTA shareholding diluted to 68.8% from 71.4% due to vesting of Origin LTIP
  • FY 2012 performance in line with expectation
  • Highly consistent cash generation business in highly predictable sector
  • Accounted for 16% of ARYZTA Group EBITA in FY 2012
  • Continued repositioning focusing on value creation opportunities
  • Current environment for farming continues to provide a very positive backdrop for Origin

1 Based on a price of €4.40 per share as of the close on 21 September 2012.

ARYZTA Food Group – Repositioning Progress FY 2008 – FY 2012

ARYZTA AGFinancial and Business Review

FY 2012 Key Highlights

F
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 3.
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 0
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 4.
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 1
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  • ARYZTA Group underlying fully diluted net profit increased 11.9%
  • Underlying fully diluted EPS increased 8.8% to 337.5c, consistent with guidance of 338c
  • 3.1% difference between underlying earnings and EPS due to increased WA shares in issue
  • Proposed dividend EUR increase 8.8% vs. previous financial year
  • Food Group net debt: EBITDA (excluding hybrid instrument as debt) 2.05x

ARYZTA AG – Income Statement

Year ended 31 July 2012

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1 The July 2012 weighted average number of ordinary shares used to calculate diluted earnings per share is 86,228,153 (2011: 83,868,319). The increase in the weighted average number of ordinary shares used to determine diluted earnings per share is due primarily to the weighted average increase of 2,300,392 shares, as a result of the issuance of 4,252,239 shares during January 2012. The remaining increase relates to the continued vesting of management share based incentives.

ARYZTA AG – Underlying Revenue Growth

Year ended 31 July 2012

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ARYZTA AG – Segmental EBITA

1
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1 For Origin reporting purposes ERP amortisation is adjusted below reported operating profit; however, for ARYZTA presentation purposes, all ERP amortisation has been included within EBITA.

Food Group – Income Statement

Year ended 31 July 2012

in
'0
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Food Group – Cash Generation

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1 Includes dividends received from Origin of €10,450,000 (July 2011: €8,550,000).

2 Includes expenditure on intangible assets.

– Conversion of EBITDA to Operating Free Cash 85.9% (FY 2011 87.2%)

Food Group Net Debt and Investment Activity

Year ended 31 July 2012

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7
,		 (
9
6
8
)
5
5
4
,

1 Includes expenditure on intangible assets.

2 Foreign exchange movement for the year ended 31 July 2012 attributable primarily to the fluctuation in the US Dollar to Euro rate between July 2011 (1.4323) and July 2012 (1.2370).

3 Other comprises primarily proceeds on disposal of fixed assets and amortisation of financing costs.

19© ARYZTA, September 2012

Food Group Financing

Excluding Origin – non-recourse financing facilities

Debt Financing

  • Food Group net debt of EUR 976.3m
  • Food Group gross term debt weighted average maturity of circa 5.94 years
  • Weighted average interest cost of Food Group financing facilities of circa 4.68%1
  • Net debt: EBITDA 2.05x (excluding hybrid instrument as debt) and interest cover of 8.10x (excluding hybrid interest)
  • Optimum leverage position in the range of 2x 3x net debt: EBITDA
  • Intend to maintain investment grade credit position

Hybrid Financing

  • Food Group hybrid instrument provided net proceeds of EUR 285.0m2
  • Net debt: EBITDA 2.75x (including hybrid instrument as debt) and interest cover of 6.31x (including hybrid interest)

1 Weighted average interest cost of financing facilities excludes the hybrid instrument and includes overdrafts. 2 Total hybrid instrument amount outstanding CHF 400m.

ARYZTA AG – Return on Investment

as at 31 July 2012

in
i
l
l
ion
Eu
ro
m		 F
d
o
o
E
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1 Net assets exclude all bank debt, cash and cash equivalents and tax-related balances.

2 ROI is calculated using pro forma trailing twelve months EBITA ('TTM EBITA') reflecting the full twelve months impact of acquisitions. EBITA is before interest, tax, non-ERP amortisation and before the impact of non-recurring items. The contribution from associates and JVs is net profit (i.e. presented after interest and tax).

3 Origin net assets adjusted for the fluctuation in its average quarterly working capital by €119,073,000 (2011: €95,544,000).

4 The Food Group WACC on a pre-tax basis is currently 8.0% (2011: 8.0%).

Food Group Non-Recurring Items

Strategic repositioning

  • Non-recurring items

  • Split H1 18% / H2 82%

  • Cash

  • 66% relates to severance and site decommissioning costs

  • 22% relates to contractual obligations (connected to supply-chain optimisation) and advisory costs

  • Non-cash

  • Relates to facility closure split roughly 50/50 between Food Europe and Food North America

Strategic repositioning costs for financial year ending 31 July 2012

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– Proposed dividend > 15 % of underlying fully diluted EPS > 337.5 cent x 15 % = 50.63 cent (CHF 0.61251) > Euro increase of 8.8% year-on-year > No longer subject to withholding tax – Timetable for dividend> Shareholder approval 11 December 2012 (Annual General Meeting) > Expected ex-date 29 January 2013 > Expected payment date 1 February 2013 1 Based on EUR 0.5063 per share converted at the foreign exchange rate of one Euro to CHF 1.2098 on 20 September 2012, the date of approval of the ARYZTA financial statements. Dividend

Business Review

Year ended 31 July 2012

  • Food Europe
  • Food North America
  • Food Rest of World

  • Food Financial Metrics

  • Robust performance in most challenging market reflective of European macro economics

  • Revenue growth largely acquisition driven
  • European consumers still switching channels from independents to large retail and LSR
  • Building customer centric ERP model

  • New capacity investment in Poland coming on stream in FY 2013

  • Growth-enabled platform following transition

  • Strong performance reflective of more buoyant North American consumers

Food Rest of World

Year ended 31 July 2012

  • 10 Manufacturing Centres
  • 13 Distribution Centres7 Countries

Revenue €221.5m, +23.0% Underlying revenue +13.0% Acquisitions & disposals +7.0% Currency +3.0% EBITA €29.0m, +18.0% EBITA margin 13.1% (down from 13.7%)

  • Revenue and EBITA growth trends remain double digit
  • New bakery fully operational in Brazil in Q4
  • New facility investment in Malaysia commenced in FY 2012 to be completed in FY 2013

Food Group Underlying Revenue Growth

Quarterly Underlying Revenue Growth

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Financing and Investment Update

  • EPS CAGR of 13.7% since ARYZTA creation in 2008
  • Raised EUR 140.9m in 5% share placing in January 2012
  • Within target range of 2-3x to maintain investment grade status
  • Extended limit and maturity of Revolving Credit Facility
  • Strong track record of converting EBITDA to free cash
  • Pension risk known − majority defined contribution schemes
  • Well positioned to complete the EUR 400m ATI programme

  • EUR 100m ERP capital investment

  • EUR 200m other capital investment

  • EUR 100m non-recurring cash costs

Food Group FY 2013 Financial Metrics

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– FY 2015 target 15%+ return on investment from FY 2011 underlying Food business equates to an average increment of 100-150bps per annum in ROI

Food Group Strategic Roadmap

Prominent Food Consumption Trends

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ARYZTA Transformation Initiative – Revenue Focus

  • Consumer insights drive strategy
  • Customer centric business model with single point-of-sales contact
  • Food development plan around key customers
  • Comprehensive suite of business support functions identified
  • Cross functional teams unlock ARYZTA capability
  • Centralised functions focus on customer support
  • Organic growth achieved in North America during FY 2012 illustrative of progress

ARYZTA Transformation Initiative – Progress Update

  • Excellent management engagement especially in North America
  • Unlocking real talent pool across the business
  • Positive engagement with customers
  • Single instance ERP performing to expectation
  • Transformation is work in progress more than half-way complete further capacity re-organisation and investment in FY 2013 to reconfigure capability in line with customer needs
  • Transformation completed when underlying revenue growth exceeds expectations

– Consumer sentiment is weak, especially in Europe – Food inflation is resurgent – Focus is firmly on completing internal transformation programme – Guidance is to grow fully diluted EPS between 5-10% in FY 2013 – Target to deliver 15% ROI on underlying Food assets by FY 2015 remains valid – Outlook for repositioned businesses is excellent Outlook

Origin Income Statement

Year ended 31 July 2012

in
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1 For Origin reporting purposes ERP amortisation is adjusted below reported operating profit; however, for ARYZTA presentation purposes, all ERP amortisation has been included within EBITA.

2 Origin July 2012 underlying fully diluted EPS is calculated using the weighted average number of shares in issue of 138,499,154 (2011: 138,416,254).

Origin Underlying Net Profit Rec.

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1,
6
6
3
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a
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1 Origin July 2012 underlying fully diluted EPS is calculated using the weighted average number of shares in issue of 138,499,154 (2011: 138,416,254).

ARYZTA AGAppendix 2 – Other Financial Information and Presentation Glossary

ARYZTA AG Underlying Net Profit Rec.

Year ended 31 July 2012

D
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1 The July 2012 weighted average number of ordinary shares used to calculate diluted earnings per share is 86,228,153 (2011: 83,868,319). The increase in the weighted average number of ordinary shares used to determine diluted earnings per share is due primarily to the weighted average increase of 2,300,392 shares, as a result of the issuance of 4,252,239 shares during January 2012. The remaining increase relates to the continued vesting of management share based incentives.

Food Group Underlying Net Profit Rec.

in
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,		 2
1
8
0
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,

1 Food Group reported net profit excludes dividend income of €10,450,000 (2011: €8,550,000) from Origin.

ARYZTA AG Balance Sheet

as at 31 July 2012

N
t
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e
a
s
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5
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a
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y

Food Group Balance Sheet

as at 31 July 2012

N
t
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s		 2
3
1
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0
7
,
,		 2
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1
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t
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a
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Food Group Financing Facilities

Excluding Origin – non-recourse financing facilities

b
d
in
De
Fu
t
n
g		 1
in
ip
l
Pr
c
a		 ity
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tu
a
r
2
0
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1 –
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ica
No
d
te
d
Ba
k
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an		 C
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U
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Pr
iva
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P
lac
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Sw
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d
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–		 C
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2
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iva
Ju
7
U
Pr
te
P
lac
t
n
em
en
–		 S
0m
U
D
4
5		 2
0
1
2
0
1
9
Ju
4 –
Ju
n
ne

1 Weighted average interest cost of Food Group debt financing facilities (including overdrafts) as at 31 July 2012 of c. 4.68%.

Hybrid Funding

CHF 400m Hybrid instrument with 5% coupon funded in October 2010 After first call date (October 2014) coupon equates 905bps plus 3 month CHF LIBOR Traded on SIX Swiss exchange Treated as 100% equity for bank covenant purposes Treated as 25% equity for US PP covenant purposes

b
lcu
la
ion
ly
Ne
De
E
B
I
T
D
A
1 c
3
1
J
2
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1
2
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t:
t
t
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s a
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u		 io
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(
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br
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d
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ty
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0
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(
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br
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as		 2.
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5x

1 Calculated based on the Food Group EBITDA for the year ended 31 July 2012 of €465.2m, which is then adjusted by the dividend received from Origin of €10.5m and for the pro forma full-year contribution of Food Group acquisitions.

  • 1 The term debt maturity profile is set out as at 31 July 2012. Food Group gross term debt at 31 July 2012 is €1.24bn. Food Group net debt at 31 July 2012 is €976.3m, which also includes overdrafts and finance leases, and is net of cash and related capitalised upfront borrowing costs.
  • 2 Incorporating the drawn amount on the Revolving Credit Facility of €183.8m as at 31 July 2012 which represents 15% of the Food Group gross term debt.

Currency Strategy

  • Multi-currency financing facilities
  • Balance sheet FX translation risk exists, but natural hedges are in place with debt currencies mirroring related net assets and associated earnings
  • 75% of debt is US Dollar denominated, following EUR 1.4bn acquisitions (mainly Dollar assets) in FY 2010 and FY 2011

  • US Dollar EBITA projected to rise under ATI leading to realignment of earnings and debt

  • ARYZTA is well positioned given the current Eurozone macro/political environment

Food Group Revenue by Currency

1 Other currencies comprises of the following: UK Sterling, Swiss Franc, Japanese Yen, Malaysian Ringgit, Polish Zloty, Swedish Krona, Australian Dollar, Canadian Dollar, Brazilian Real, Taiwan Dollar, Singapore Dollar and New Zealand Dollar, of which UK Sterling and Swiss Franc represent the highest portion of revenues.

Presentation Glossary

  • 'EBITA' presented before non- recurring items and related deferred tax credits. ERP intangible asset amortisation is treated as depreciation
  • 'Associates and JVs, net' presented as profit from associates and JVs, net of taxes and interest
  • 'EBITDA' presented as earnings before interest, taxation, depreciation and amortisation reported for the year and before non-recurring items and related deferred tax credits
  • 'Non-controlling interests' always presented after the dilutive impact of related subsidiaries' management incentives
  • 'Hybrid instrument' presented as Perpetual Callable Subordinated Instrument in the Financial Statements
  • 'CAGR' Compound Annual Growth Rate
  • 'ERP' Enterprise Resource Planning intangible assets include the Food Group SAP and Origin Microsoft Dynamics AX software system

ARYZTA AGAppendix 3 – FX Analysis, Shareholder information & Consensus Estimates

EUR Average and Closing FX Rates

C
l
i
R
t
o
s
n
g
a
e
s		 J
l
2
0
1
2
u
y		 J
l
2
0
1
1
u
y		 %
S
i
F
w
s
s
r
a
n
c		 1.
2
0
1
0		 1.
1
4
6
4		 4
8
%
S
U
D
l
l
o
a
r		 1.
2
3
0
7		 1.
3
2
3
4		 (
1
3
6
)
%
C
d
i
D
l
l
a
n
a
a
n
o
a
r		 1.
2
3
9
3		 1.
3
6
2
0		 (
9
0
)
%
S
l
i
t
e
r
n
g		 0
7
8
5
4		 0
8
7
6
1		 (
1
0
4
)
%
A
R
t
e
r
a
g
e
a
e
s
v		 J
l
2
0
1
2
u
y		 J
l
2
0
1
1
u
y		 %
S
i
F
w
s
s
r
a
n
c		 1.
2
0
2
6		 1.
2
8
6
2		 (
6
5
)
%
S
U
D
l
l
o
a
r		 1.
3
2
0
4		 1.
3
6
2
7		 (
3
8
)
%
C
d
i
D
l
l
a
n
a
a
n
o
a
r		 1.
3
3
4
5		 1.
3
6
7
6		 (
2
4
)
%
S
l
i
t
e
r
n
g		 0
8
3
7
9		 0
8
6
1
0		 (
2
7
)
%

ARYZTA FY 2013 Consensus Estimates1 September 2012

in
i
ion
l
l
Eu
ro
m		 L
o
w		 i
H
h
g		 M
e
a
n
B
d
1
1
l
t
a
a
a
s
e
o
n
n
y
s
s
2
i
i
i
&
E
B
I
T
A
l
d
J
V
t
n
c
n
g
a
s
s
o
c
a
e
s
s
u		 8
9
4
5		 2
6
5
5		 0
1.
5
7
3
U
d
l
i
f
l
l
d
i
l
d
f
i
t
t
t
g
n
e
r
y
n
u
y
u
e
n
e
p
r
o		 3
2
4
0		 3
6
3
1		 3
4
0
2
3
U
d
l
i
E
P
S
(
)
t
n
e
r
y
n
g
c
e
n		 3
5
9
0
c		 3
9
5
5
c		 3
7
9
3
c

1 These estimates were collated by Temple Bar Advisory (TBA), an investor relations consultancy firm. Contributions were received from Cheuvreux, Davy, Goldman Sachs, Goodbody, Helvea, Kepler, Mainfirst, NCB, Societe Generale, Vontobel and ZKB between September 3-7 2012. EPS estimates were updated post September 7 to reflect additional changes to some analyst estimates. Neither TBA nor ARYZTA AG warrant the accuracy or completeness of these forecasts.

2 EBITA presented before impact of non-recurring items. Associates and JVs presented after interest and tax.

3 Underlying fully diluted net profit & EPS presented before impact of non-ERP amortisation, non-recurring items and related tax credits.

Investor Information

Company Contact

Paul MeadeCommunications Officer

ARYZTA AG

Talacker 418001 Zurich SwitzerlandTel: +41 (0) 44 583 42 00 Fax: +41 (0) 44 583 42 49 [email protected] www.aryzta.com

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